New York Markets After Hours

Axis-Shield accepts higher bid from Alere

TommyStubbington

LONDON (MarketWatch) -- U.S. health-care firm Alere Inc.
ALR, -0.89%
said Thursday it has had an improved takeover bid for Axis-Shield PLC (ASD.LN) accepted, despite the U.K. diagnostics company saying the 470-pence-a-share offer still undervalues the company.

Dundee, Scotland-based Axis-Shield said it no longer believes it can prevent Alere taking a majority stake, after the U.S. company earlier this week said it already holds 29.9% of the shares. Shareholders who reject Alere's sweetened GBP235 million bid run the risk of being left with a stake in an unlisted company, as 25% of the shares must remain in public hands for the company to maintain its listing, Axis-Shield said.

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